Homeowners: Your Home Must Be Sold TWICE! That’s correct, every home on the market has to be sold 2 times, once to a prospective buyer and then to your bank (through the bank’s appraisal). With home prices increasing, the 2nd sale might be even more difficult than the 1st. Maybe your planning on jumping into […]
Have you received little, if any, offers on your home that’s listed for sale?
You might want to review the asking price! If your home has been on the market for a while, even just a month and you haven’t received any offers or even a nibble — yes, it’s probably the price! Consider the market value, if it’s priced at even 10% above its value that could seriously narrow the number of prospective buyers interested in viewing your house!
Many real estate experts have noted the possible effect that rising rates will have now and in the near future on the value of homes. Low mortgage rates were a major factor in the market’s recovery the past several years.
The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors (NAR) all project 2017 mortgage interest rates will rise. Increasing interest rates will definitely impact purchasers and may stifle demand. The fed has already indicated they will most likely raise rates soon, possibly in March.